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to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full budget may not be finished before march 1. unfortunately, that is the date my fear is a powerful automatic cuts also known as the silk was sure are scheduled to take effect. if congress cannot act immediately on a bigger package -- i believe they should at least pass a smaller package of spending cuts and tax reforms that would delight the damaging effects of the sequester for a few months. there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to ment
to pay down the deficit. and it should be used to potentially make our businesses more competitive. now, i think, is balanced mix of spending cuts and tax reform is the best way to finish the job of deficit reduction. the overwhelming majority of the american people, democrats and republicans, as well as independents, have the same view. and both the house and senate are working towards budget proposals that i hope help reflect this balanced approach. having said that, i know that having a full...
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Feb 12, 2013
02/13
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he pledged to cut the deficit in half. >> yesterday i held the fiscal somewhere applies to cut the deficit in half by the end of my first term office. my administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. gerri: did that happen? no. instead, obama average deficit of nearly three times that of his predecessor. here is another promise from 2009. >> over the next two years this plan will save or create three and a half million jobs. more than 90 percent of these jobs will be in the private sector, jobs rebuilding our roads and bridges, constructing wind turbines in solar panels, laying broadband and expanding mass transit. gerri: not a chance. instead, according to the heritage foundation, the economy is over seven and a half million jobs in the hole and don't forget obamacare. >> this budget builds on these reforms and includes an historic commitment to comprehensive health care reform, a down payment on the principle that we must have quality affordable health care for every american. [applause] it is a commit
he pledged to cut the deficit in half. >> yesterday i held the fiscal somewhere applies to cut the deficit in half by the end of my first term office. my administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs. gerri: did that happen? no. instead, obama average deficit of nearly three times that of his predecessor. here is another promise from 2009. >> over the next two years this plan will save or create...
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Feb 10, 2013
02/13
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CNN
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reduction that the least emphasized method of reducing the deficit, we talk about spending, we talk about revenue, growth, and he wants to emphasize that we need to make investments in infrastructure, in education, in manufacturing, in clean energy and we'll hear about that. >> and the cloud hanging over all of this is the fact that there is this discussion about, oh, what, two something weeks, the entire budget could be turned on its head with the sequestration. across the board cuts and two sides that seem as far apart as ever on this issue. that will have a real impact both on the politics of what is going on in washington, as well as the economy. >> i was struck by your interview with rand paul, the sequestration was a pittance. that's a lot of money and you have the defense secretary and john brennan, lots of people saying the sequestration is a threat to the nation's security at this point, and yet rand paul is calling this a pittance, a tea party response to marco rubio. there is this ideological pull. the threat of being primaried. interesting to see how far they are willing
reduction that the least emphasized method of reducing the deficit, we talk about spending, we talk about revenue, growth, and he wants to emphasize that we need to make investments in infrastructure, in education, in manufacturing, in clean energy and we'll hear about that. >> and the cloud hanging over all of this is the fact that there is this discussion about, oh, what, two something weeks, the entire budget could be turned on its head with the sequestration. across the board cuts and...
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the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set s
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in...
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Feb 9, 2013
02/13
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FOXNEWS
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listen to this. >> our deficit is a big problem. think about it. [applause] our national debt, $16.5 trillion. you think that's not a lot of money. tell you what, count one number per second, one number per second. you know how long it would take you to count to 16 trillion, 5,007 years. some people say, they say, well, that's not fair because it doesn't hurt guy who made $10 billion as much as the guy who made 10. where does it say you have to hurt the guy? he just put a billion dollars in the pot. you know, we don't need hurt him. >> amazing speech. move over, president obama, the doctor is in the house. joining me the author of "america the beautiful, a director of pediatric neurosurgery, dr. benjamin carson. doctor, that speech moved me deeply. what's been the reaction so far? >> the reaction has been overwhelming. we've been deluged with emails, with calls. 99.5% positive. >> sean: wow. >> that doesn't surprise me, because the way that i lay things out was really logical. it wasn't right wing, it wasn't left wing. it was just logic and common
listen to this. >> our deficit is a big problem. think about it. [applause] our national debt, $16.5 trillion. you think that's not a lot of money. tell you what, count one number per second, one number per second. you know how long it would take you to count to 16 trillion, 5,007 years. some people say, they say, well, that's not fair because it doesn't hurt guy who made $10 billion as much as the guy who made 10. where does it say you have to hurt the guy? he just put a billion dollars...
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Feb 4, 2013
02/13
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everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with the family traditions. that's why the picture was posted. >> here's a simple solution. all gun control ought to apply to everybody that includes the body guards anybody who works for the department or agency. if you don't think i need this or that weapon to protect my family you don't need yours. i am saying all americans are worth the same. my family is eerie bit as valuable as anybody else's family when he works in congress or the branch. >> we have to leave it there. stay tuned. we are going to tell you what it takes to accurately predict the outcome of a football game.
everybody wanted -- he was there to talk about spending deficit and debt. everybody wanted to talk about gun control. almost to a person everyone said the only reason why the government wants me to go through background checks is so they know what background i have and how many guns i have so they can take my guns. that's what the perception is. >> there's a lot of paranoia. the there is no such plot a foot from anybody involved. of course the president is out of touch with the sport with...
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Feb 5, 2013
02/13
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WUSA
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the sequester is designed to get the deficit under control, but economists are worried that the cuts are so deep they'll trigger a recession. today the president called on congress to pass a budget package to avoid the sequester or at least delay the shock. >> if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> pelley: in an interview on sunday we asked the president about all of this. we found out last week that the economy actually shrank in the last three months of last year. if the federal spending cuts that are on tap for march actually take effect, will that push the country into recession? >> i don't know if it will push the country into recession but here's what we know. the reason that the economy shall rank a little bit despite the fact that housing is recovering, manuf
the sequester is designed to get the deficit under control, but economists are worried that the cuts are so deep they'll trigger a recession. today the president called on congress to pass a budget package to avoid the sequester or at least delay the shock. >> if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically...
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Feb 12, 2013
02/13
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like on raising taxes, the size of government, the deficit. that's where republicans win and that's what we should be talking about. >> all right. if they stick to a very simple agenda do you stick with those who say maybe republicans stay off the social issues or if you talk about it. >> no. >> sean: got to run for office, have an answer for abortion. i mean, that's, that's fair. >> no, i mean, what was so upsetting to pro lifers like me about aiken and murdoch mulling about what should happen to a mawoman in the case of rape and all the hard work done by intelligent pro-lifers winning issue after issue and raising partial term abortion and parental-- and we want to save the 99% of babies not the result of rape, and we'd like the death penalty, but supreme court should no on that on criminal issues mentally ill and women concealed to carry and protect themselves. not granting amnesty for illegal aliens, that's where republicans win, not on look what obama did a couple of years ago. >> sean: ann coulter, good to see you. we need the three legs
like on raising taxes, the size of government, the deficit. that's where republicans win and that's what we should be talking about. >> all right. if they stick to a very simple agenda do you stick with those who say maybe republicans stay off the social issues or if you talk about it. >> no. >> sean: got to run for office, have an answer for abortion. i mean, that's, that's fair. >> no, i mean, what was so upsetting to pro lifers like me about aiken and murdoch mulling...
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Feb 6, 2013
02/13
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they have $3 billion in tax increases against a $845 billion deficit. the point that you make is a good one. the president and he drove this thing in august of 2012. h20122011. he wanted the sequester. read woodward's book in page 226 or some where in this and the deep cuts in defense thinking at the time that would put enough pressure on republicans to get them to agree to higher tax. here we are he wants this thing delayed yet again but to be fair there has been a solution put forward. the house of representatives has not once but twice passed legislation that would replace the sequester and the deep defense cuts which do cause damage to our national security and our readiness with other cuts also in the budget. and that is something that has been rejected by the democrats here on capitol hill and by the president. >> greta: what i don't get is the gal to come out and ask for mother delay. i can't delay showing up for my job and neither canmy american. we can't keep asking for the delays and he says the economy is headed in the right direction. maybe
they have $3 billion in tax increases against a $845 billion deficit. the point that you make is a good one. the president and he drove this thing in august of 2012. h20122011. he wanted the sequester. read woodward's book in page 226 or some where in this and the deep cuts in defense thinking at the time that would put enough pressure on republicans to get them to agree to higher tax. here we are he wants this thing delayed yet again but to be fair there has been a solution put forward. the...
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Feb 12, 2013
02/13
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public approving of his general approach to creating jobs, investing in jobs right now, lowering the deficit over the long-term with a mix of spending cuts and revenue increases. and the president knows there's a big showdown coming up. these automatic across the board spending cuts kick in on march first. government could shout down at the end of march. you talk to both sides right now, that is coming. so, the president wants to make the best case tonight. it will be confrontational. >> and senator rubio is going to be giving the answer from the republicans. what do you expect from that? >> reporter: he's a rising star in the republican party. already talked about as a possible presidential pick in 2016. he will also focus on the middle class and say that economic growth is the best way to do that but disagree with the way the president does it. look for him to personalize this, talk about his family. one place where there may be common ground, immigration reform. the president and senator rubio are quite close on immigration reform and both believe it can be done this year. >> all right, w
public approving of his general approach to creating jobs, investing in jobs right now, lowering the deficit over the long-term with a mix of spending cuts and revenue increases. and the president knows there's a big showdown coming up. these automatic across the board spending cuts kick in on march first. government could shout down at the end of march. you talk to both sides right now, that is coming. so, the president wants to make the best case tonight. it will be confrontational. >>...
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the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national average for regular up more than a penny, now at 3.54. just in the past month the price of gas spiked about 25 cents a ga
the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax...
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Feb 6, 2013
02/13
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. >> reporter: a $15 billion plus budget deficit has done what neither rain nor sleet nor snow could do. >> the choice is either change some of the service or raise prices. and people don't want prices raised. we'll make the changes in service. >> hello. >> how are you today? >> i'm great, thanks. >> reporter: lorenzo hudson has been making the rounds in great neck, new york, for more than 20 years. he was featured in a postal service tv commercial that ran during the super bowl pregame show. >> we don't want to see the business go under because they couldn't get rid of saturday or because they didn't get rid of saturday. but at the same time i want a perfect world. i want us to be able to stay with saturday delivery. >> reporter: in recent years, the volume of first-class mail has plunged as more and more people pay bills online and communicate with e-mail. in response, post offices have been closed, the price of a stamp raised, but nothing has staunched the flow of red ink. ending saturday service could save about $2 billion a year. while it may make financial sense, few other coun
. >> reporter: a $15 billion plus budget deficit has done what neither rain nor sleet nor snow could do. >> the choice is either change some of the service or raise prices. and people don't want prices raised. we'll make the changes in service. >> hello. >> how are you today? >> i'm great, thanks. >> reporter: lorenzo hudson has been making the rounds in great neck, new york, for more than 20 years. he was featured in a postal service tv commercial that ran...
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Feb 10, 2013
02/13
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you've been worried about the deficit. what do you say to this argument that trying to reduce the deficits in europe has been a disaster? it's slowed growth, slowed tax reeve news and increased the deficit? >> let me just say i am not in favor of reducing the deficit now. the short term i am not in favor of reducing the deficit. but i do think there have to be some longer-term plans that give the financial markets some degree of confidence that we're not just going to blow apart. i think this is something on the longer term which is what bowles-simpson was all about, something which i favored totally. so i think that was a combination of including longer-term control over some of our big expenditures, particularly in health care. and that is something we have to do. i think the president could get some things if, in fact, he addressed some of these longer term issues but he walked away from that and there's no confidence that he really cares about it. >> let's talk about common -- noneconomic things. i would have thought y
you've been worried about the deficit. what do you say to this argument that trying to reduce the deficits in europe has been a disaster? it's slowed growth, slowed tax reeve news and increased the deficit? >> let me just say i am not in favor of reducing the deficit now. the short term i am not in favor of reducing the deficit. but i do think there have to be some longer-term plans that give the financial markets some degree of confidence that we're not just going to blow apart. i think...
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Feb 6, 2013
02/13
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we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther and live healthier lives. this is important for families and the economy. we are helping people stay healthy longer and one of
we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you...
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Feb 11, 2013
02/13
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the economy grows if the deficit goes down. shrinks if the deficit goes up. you argue the deficit doesn't matter now. do you disagree with the government projections? >> the cbo report is reasonable. it says that we wish we had lower debt. if we look at the long-term it would be nice to pay down the debt but it doesn't show a crisis. trying to slash the deficit now will deepen the clear and a present danger which is high unemployment and on going economic slump. i thought -- i found the cbo report supportive of what i'm saying. our priorities should be jobs, not the deficit. >> i want your reaction to something dave camp told us, chairman of the house ways & means committee. he said we need an equitable approach to cutting and spending. i want your reaction to it. >> sure. >> what we need now is the ekd part of the balanced approach the president called for in december. the beginning of reigning in debt and deficits. on the president's commission, they said when the debt gets to this level of the economy it costs us millions of jobs. >> yeah. so there is not
the economy grows if the deficit goes down. shrinks if the deficit goes up. you argue the deficit doesn't matter now. do you disagree with the government projections? >> the cbo report is reasonable. it says that we wish we had lower debt. if we look at the long-term it would be nice to pay down the debt but it doesn't show a crisis. trying to slash the deficit now will deepen the clear and a present danger which is high unemployment and on going economic slump. i thought -- i found the...
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Feb 9, 2013
02/13
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KQED
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trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but that success was offset somewhat by i
trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely...
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as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75
as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets,...
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Feb 6, 2013
02/13
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we believe there is a better way to reduc the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. >>> coming off the republicans' bruising defeat, eric cantor is looking to rebrand his party n a speech at a d.c. think tank, he moved away from his combative tone expressing a need to work on issues with president obama important to t
we believe there is a better way to reduc the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year....
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. >>> plus, could legalizing marijuana help the deficit go to pot? new legislation would generate tens of billions of dollars in tax revenue. the congressman behind it all joins us to explain. do you ever have too much money? ♪ to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better if we just let fedex help us to expand to new markets? hmm gotta admit that's better than a few "likes." i don't have the door code. who's that? he won a contest online to be ceo for the day. how am i supposed to run a business here without an office?! [ male announcer ] fast, reliable deliveries worldwide. fedex. ♪ they said go to school and be a college kid -- melissa: the student loan catastrophe we are seeing all around us, colleges and universities now suing graduates that aren't paying back their loans. the number of students defaulting on their perkins loans, though --
. >>> plus, could legalizing marijuana help the deficit go to pot? new legislation would generate tens of billions of dollars in tax revenue. the congressman behind it all joins us to explain. do you ever have too much money? ♪ to grow, we have to boost our social media visibility. more "likes." more tweets. so, beginning today, my son brock and his whole team will be our new senior social media strategists. any questions? since we make radiator valves wouldn't it be better...
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Feb 5, 2013
02/13
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we are also told he has attention deficit disorder. psychologically, how is this going to affect the little boy over the longterm? >> i think any ability in any trauma that happens to a child, whether they have a psychiatric or mental health problemo ornot is going to fall heavily on them. the biggest message we can send to this child by his mother and father is he is safe and he is protected because he didn't feel safe and he wasn't protected and he ended up in this situation. that's the biggest impact on a child, especially after something is resolved. luckily, this is successfully resolved. >> and of course, we don't know at this point what happened? we don't know whether there was sexual abuse or physical abuse or what happened in the bunker. >> right, and the tendency is going to be to swarm around him to get information, both to help him and to understand what went down down under that ground, but the bottom line is right now, these next few days are critical for this boy to bond with his family, to feel safe and feel protected.
we are also told he has attention deficit disorder. psychologically, how is this going to affect the little boy over the longterm? >> i think any ability in any trauma that happens to a child, whether they have a psychiatric or mental health problemo ornot is going to fall heavily on them. the biggest message we can send to this child by his mother and father is he is safe and he is protected because he didn't feel safe and he wasn't protected and he ended up in this situation. that's the...
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Feb 11, 2013
02/13
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CNBC
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we have done $2.5 trillion in deficit. it's brought the deficit down, but not enough. we're not under 3% as a percentage of our economy and our -- >> gene, we still have $16.5 trillion in debt. let's talk about the here and now. the $16.5 trillion in debt. it's getting higher, not lower. our audience knows this. >> marimaria, obviously your audience what they care about is as a country to have a stable debt as a percentage of their economy. is their deficit below 3% so that your debt as a percentage of your economy is coming down and stabilized. that's what gives people confidence to invest. and that's been the goal i think of both parties. now, we have lowered the deficit. the projection of deficit as percentage of our economy. but we're seeing it's not enough. that's why this president is willing to go forward with an additional $1.8 trillion in deficit reduction which is what was the remaining amount that was on the table when he was speaking with speaker boehner and negotiating. now, the president's still willing to put that offer on the table with all the difficul
we have done $2.5 trillion in deficit. it's brought the deficit down, but not enough. we're not under 3% as a percentage of our economy and our -- >> gene, we still have $16.5 trillion in debt. let's talk about the here and now. the $16.5 trillion in debt. it's getting higher, not lower. our audience knows this. >> marimaria, obviously your audience what they care about is as a country to have a stable debt as a percentage of their economy. is their deficit below 3% so that your...
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Feb 12, 2013
02/13
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the united states report it a total trade deficit of just about $728 billion. that's a trillion dollars wing. -kendis is without any question. a trillion dollars wing. china also posted an over 8% increase in its gdp in the latest quarter compared to our stunning decline. it's unimaginable the thing that that growth rate feels light -- china's latest unemployment rate , unemployment, unemployment rate of 4%. and china's government debt, yes, they have a debt. ours is a 16 and a half trillion dollars in debt. but you know what, i can't believe that the chinese feel a little bit better about tears because are going to add another trillion dollars hours. meanwhile, the united states those china almost 2 trillion. there is no counterweight. it's a little problem for us to know what is after all the communist nation almost $2 trillion we are big shot capitalists. what is wrong? we are going to be talking about that very issue throughout the week, looking at how the united states model comparison europe's model. is the communist model any more sustainable? if no one
the united states report it a total trade deficit of just about $728 billion. that's a trillion dollars wing. -kendis is without any question. a trillion dollars wing. china also posted an over 8% increase in its gdp in the latest quarter compared to our stunning decline. it's unimaginable the thing that that growth rate feels light -- china's latest unemployment rate , unemployment, unemployment rate of 4%. and china's government debt, yes, they have a debt. ours is a 16 and a half trillion...
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Feb 9, 2013
02/13
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it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead with his policies and that's where we are now, we've got to deal with the long run and forget about the short-term. >> brenda: and john, that's actually only one more quarter of negative gdp we'll be in recession? >> sorry about that. >> all cuts are good as far as i'm concerned, but a meat ax is a little bit of exaggeration, this is more like a butter knife that these cuts are so small, there's nothing there and he what i would like to see is the government take more of a private sector approach, like a businessman and say, let's evaluate what we have 'cause many of these government programs ove
it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead...
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Feb 4, 2013
02/13
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MSNBC
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the president told super bowl fans reducing the deficit will require more taxes. >> can we combine some smart spending cuts because there's still some waste in government, can we reform our health care programs in particular and can we close loopholes and productions that folks who are well connected and have a lot of accountants can take advantage of. there's no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. >> president also warned congress about the danger of alowing the sequester to go into effect. >> washington cannot continually operate under a cloud of crisis. that freezes up consumers, gets businesses worried. we can't afford the self-inflicted wounds. >> no another tweet david plouffe said message delivered to big audience on balanced budget, deficit reduction, economy growth. on abc, an unlikely name was invoked for direction. >> i think what we need to do is do some things mitt romney taungd abo talked about. he said there are tax loopholes that should be closed. there are efforts being made to only get rid of the s
the president told super bowl fans reducing the deficit will require more taxes. >> can we combine some smart spending cuts because there's still some waste in government, can we reform our health care programs in particular and can we close loopholes and productions that folks who are well connected and have a lot of accountants can take advantage of. there's no doubt we need additional revenue coupled with smart spending reductions in order to bring down our deficit. >> president...
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if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and the second example of that real math is what the cbo put out which says, suppose you do nothing? well, then we have a fault turf bad growth. their long-term growth rate for the u.s. has been marked down from 2 1/2% a year ago to 2.2%. and that's testimony to a staggering debt burden this economy is bearing. whether you look at it as the bad
if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make...